一、China’s Financial System
1.Describe the financial system of China. (Write down three institutions’ name of
each sector optionally.)
简单描述中国的金融体系。
China’s financial system consists of banking, non-banking financial sectors, financial markets and regulatory commissions.
Banking includes PBC (The People’s Bank of China), policy banks, state-owned banks and other commercial banks. And among them, policy banks contain CDB (China Development Bank), EXIMBC (The Import-Export Bank of China), ADBC(Agricultural Development Bank of China); State-owned banks contain BC (Bank of China), ICBC (Industrial and Commercial Bank of China), ABC(Agricultural Bank of China),CCB(China Construction Bank); Other commercial banks contains BComm, Citic Bank, Everbright, Huaxia, Minsheng, Guangdong D(Guangdong Development Bank), Shenzheng D, Merchants, Xingye, Pudong D, Hengfeng, Zheshang, Urban Commmercial, Rural Commercial, and so on.
Non-banking financial sectors includes Financial Asset Management CO. which manage non-performing assets of the big 4 banks: ICBC’s Huarong, ABC’s Changcheng, BC’s Dongfang, CBC’s Xinda; Insurance Co.; Trust Invest.;
Securities Co.; Financial Leasing; Urban CC; Rural CC;Investment fund; Postal savings and other institutions.
Financial markets include money market, stock market, band market, futures market, VC/PE and real estate.
Regulatory commission includes CBRC（China Banking Regulatory Commission）, CSRC（China Securities Regulatory Commission）, CIRC（China Insurance Regulatory Commission）, SAFE(State Administration of Foreign Exchange), and son on.
二、Short History of Modern Finance
1. When is the watershed year of modern finance?
Nineteen fifty-two is the watershed year for modern finance.
现代金融的分水岭是1952年。
2.Who is the founder/Milestone Character of modern finance?
Harry Markowitz （哈里﹒马克维茨）.
现代金融的鼻祖是哈里﹒马克维茨。
3. Before 1945, the macro finance is concerned with the monetary system, and after 1945, it pays more attention to finance market.
1945年以前宏观金融关注的是货币制度，1945年以后更多关注的是金融市场。
4. What is the common characteristic of macro finance and micro finance?
宏观金融和微观金融的共同特点是什么？
Spiral of silence and epidemiology.
5. Key words：
Monetarist 货币主义学派
New Keynesian school 新凯恩斯主义学派
Spiral of silence 沉默的螺旋
Asset mispricing 资产误定价
Media sentiment 媒体情感
Animal spirit 非理性的动物精神
Epidemiology 流行病学
Inflation expectation 通胀预期
Media 媒体
三、Money Market
1.What is money market?
什么是货币市场？
The money market is actually a collection of financial markets in which investors trade financial instruments that are considered to be “just as good” as money.
